ETF Research Center

The Victory CEMP International High Div Volatility Wtd ETF tracks an index of about 100 developed-market stocks outside the US, screened for positive earnings and high dividend yield, and weighted inversely by volatility.

FUND BASICS
Category	International Equities
Fund Sponsor	Victory Capital Management
Website	www.compassempfunds.com
Inception date	Aug 19, 2015
Assets (mns)	$88
Currency	USD
Expense ratio	45 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Volatility
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$39,839
Large cap (>$10bn)	93.2%
Mid cap ($2-10bn)	6.8%
Small cap (<$2bn)	0.0%
Developed mkts	96.9%
Emerging mkts	3.1%

TOP TEN HOLDINGS
Total	15.6 %
TELUS CORPORATION	2.1 %
HONGKONG ELECTRIC HOLDINGS	1.8 %
BCE INC.	1.8 %
POWER FINANCIAL CORP	1.6 %
SHAW COMMUNICATIONS INC-B	1.5 %
GREAT-WEST LIFECO INC	1.4 %
GLAXOSMITHKLINE PLC	1.4 %
LEGAL & GENERAL GROUP PLC	1.4 %
PEMBINA PIPELINE CORP	1.4 %
ORANGE SA	1.3 %

TOP COUNTRY EXPOSURE
	BRITAIN	20.4 %
	CANADA	10.6 %
	JAPAN	10.1 %
	FRANCE	9.9 %
	AUSTRALIA	8.3 %
	SPAIN	6.1 %
	SWEDEN	5.5 %
	FINLAND	4.6 %
	HONG KONG	4.3 %
	GERMANY	4.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.4%	19.4%	--	--	4.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.65	56%
MSCI EAFE	0.92	92%
MSCI Emg. Mkts.	0.65	78%

Technical Indicators
Recent close	$33.83
30d moving avg.	$33.73
Annualized volatility	10.5%
Short interest (ETF)	0.3%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	16
Turnover	0.6%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$7,120

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Victory CEMP International High Div Volatility Wtd ETF based on the alternatives' overlap in portfolio holdings with CID. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CID

Expense:

45 bp

ALTAR Score™:

8.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CID
Ticker	Fund Name	Overlap¹ vs CID (%)	Expense ratio (bp)	Savings vs CID (bp)	ALTAR Score™ (%)	ALTAR vs CID (%)
DOO	WisdomTree Int'l Dividend Ex-Financials	42.1	58	-13	7.8	-0.9
RIDV	Invesco International Ultra Dividend Revenue ETF	38.0	42	3	8.8	+0.1
DTH	WisdomTree DEFA Equity Income	36.8	58	-13	8.2	-0.5
IDOG	ALPS International Sector Dividend Dogs	34.1	50	-5	7.9	-0.8
EFV	iShares MSCI EAFE Value	31.4	38	7	8.8	+0.1
IDY	Pacific Global International Equity Income	31.3	39	6	8.0	-0.7
DOL	WisdomTree Int'l Large Cap Dividend	31.1	48	-3	7.5	-1.2
LVHI	Legg Mason International Low Volatility High Dividend	29.2	40	5	8.9	+0.2
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	28.6	20	25	8.4	-0.3
FIDI	Fidelity International High Dividend	27.4	39	6	9.9	+1.2
FGD	First Trust DJ Global Select Dividend	27.1	58	-13	9.2	+0.5
IDV	iShares DJ Int'l Select Dividend	26.1	49	-4	8.3	-0.4
IDHD	Invesco S&P Intl Developed High Div Low Volatility	25.8	30	15	6.4	-2.3
FIVA	Fidelity International Value Factor	25.5	39	6	9.0	+0.3
VYMI	Vanguard Int'l High Dividend Yield	25.0	32	13	9.0	+0.3
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	24.9	35	10	7.6	-1.1
DWM	WisdomTree DEFA Fund	24.8	48	-3	7.4	-1.3
IVLU	iShares MSCI Int'l Developed Value Factor	24.4	30	15	10.1	+1.4
HDAW	Xtrackers MSCI All World ex US High Div Yield	24.1	20	25	9.6	+0.9
PXF	Invesco FTSE-RAFI Developed ex-US	22.2	45	0	7.9	-0.8

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Victory CEMP International High Div Volatility Wtd
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.9	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	8.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.